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Authority updates finance and credit-card policies, formalizes reserve treatment and contractor reporting
Summary
Staff proposed formal finance and accounting updates to document transfers of operating surpluses into contributions (FY2026 transfer north of $14 million), require monthly contractor reporting to the State Elections Enforcement Commission for contracts over $5,000, and codify reserve buckets for aged receivables and benefit overpayments; credit-card workflow moves to an electronic bill platform integrated with QuickBooks.
Dave, the authority’s finance presenter, reviewed proposed updates to the finance and accounting policy and the credit-card policy, saying there are no urgent changes but that the authority wants to document current practices and clarify procedures.
Key policy changes: (1) formally documenting the annual practice of redesating operating fund surpluses into contribution funds (the FY2026 transfer was described as north of $14 million), (2) a reporting requirement to the State Elections Enforcement Commission for contractors with which the authority does business above the $5,000 threshold on a monthly basis, and (3) defined reserve percentages (90%, 95%, 100%) that apply to contributions and benefit overpayments based on age and collection owner (for example, the fund recovery vendor/TSI and the benefit administrator AFLAC were named in the discussion).
Dave explained the timing and age buckets used to set the allowance for doubtful accounts: for contributions under five months old the reserve is 90%; from five to 16 months the fund recovery vendor is engaged and the reserve is 95%; at 17 months or older receivables are reserved at 100%. Benefit overpayments use a similar framework but with different time thresholds and an immediate 100% reserve if the overpayment is a misrepresentation.
On credit cards, Dave said the authority now routes credit-card transactions through an electronic bill platform that integrates with QuickBooks, enabling monthly reconciliations instead of manual expense reports and aligning approval workflows with accounts payable. He noted the CEO retains ultimate authority to authorize cards and that only a small number of cards are currently issued.
Next steps: the staff recommended bringing the policy changes to the Policy and Personnel committee in September for review before the full board, and members agreed there was no urgency to accelerate the schedule.
